An estimated €300 million to €700 million acquired illegally enters Albania per year, according to a calculation from the international NGO Global Initiative Against Transnational Organized Crime (GIATOC).
Illegal funds are yielded from three main sources: criminal activities, corruption, and tax evasion.
In Albania, around €1.6 billion worth of money has been washed in the construction industry over the last 3 years.
The construction of new buildings skyrocketed after 2015 and land permits issued are five times higher in 2020 compared to 2015, noticeably maintaining this trend even during the first year of the pandemic, when all other sectors were struggling.
In a year crippled by crisis, the only industries that reported growth were construction and real estate. However, this growth is not on the same line with the economic development of the country nor demands from the housing market.
In 2017, an apartment in Tirana used to cost an average of €861 per square meter. Now, the price has increased to €1.400-€2.000, and in some areas even up to €4.000.
“Given that they are illegal, these trends are difficult to study and calculate”, said the co-author of the report Kristina Amerhauser for “Me Pak Fjale” on Euronews Albania.
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